Between July 18, 2026 and October 16, 2026, 39 of the 40 companies we cover filed annual or quarterly reports with the SEC. The biggest increase in budget-risk language came from CACI International: 7 mentions in its 10-K filed August 6, 2026, against 1 in the previous one.
Counting words is a blunt measure. A rising count can mean a company added a new risk factor, or simply that it repeated an existing one in more places. Each filing is linked so you can read the passages.
New filings
| Company | Form | Period | Filed | Risk mentions | Previous | Change |
|---|---|---|---|---|---|---|
| Oracle | 10-Q | 2026-08-31 | 2026-09-11 | 0 | 0 | 0 |
| AeroVironment | 10-Q | 2026-08-01 | 2026-09-10 | 3 | 17 | -14 |
| Dell Technologies | 10-Q | 2026-07-31 | 2026-09-08 | 0 | 0 | 0 |
| Science Applications International | 10-Q | 2026-07-31 | 2026-08-31 | 3 | 3 | 0 |
| Mercury Systems | 10-K | 2026-07-03 | 2026-08-18 | 5 | 11 | -6 |
| Amentum | 10-Q | 2026-07-03 | 2026-08-11 | 5 | 5 | 0 |
| Fluor | 10-Q | 2026-06-30 | 2026-08-07 | 1 | 1 | 0 |
| CACI International | 10-K | 2026-06-30 | 2026-08-06 | 7 | 1 | +6 |
| Maximus | 10-Q | 2026-06-30 | 2026-08-06 | 2 | 2 | 0 |
| Curtiss-Wright | 10-Q | 2026-06-30 | 2026-08-06 | 1 | 1 | 0 |
| Howmet Aerospace | 10-Q | 2026-06-30 | 2026-08-06 | 0 | 0 | 0 |
| ICF International | 10-Q | 2026-06-30 | 2026-08-06 | 1 | 1 | 0 |
| Leidos | 10-Q | 2026-07-03 | 2026-08-04 | 2 | 1 | +1 |
| Palantir | 10-Q | 2026-06-30 | 2026-08-04 | 9 | 9 | 0 |
| Kratos Defense | 10-Q | 2026-06-28 | 2026-08-04 | 4 | 5 | -1 |
| TransDigm | 10-Q | 2026-06-27 | 2026-08-04 | 0 | 0 | 0 |
| Jacobs Solutions | 10-Q | 2026-06-26 | 2026-08-04 | 0 | 0 | 0 |
| V2X | 10-Q | 2026-07-03 | 2026-08-03 | 9 | 10 | -1 |
| BWX Technologies | 10-Q | 2026-06-30 | 2026-08-03 | 3 | 3 | 0 |
| Moog | 10-Q | 2026-06-27 | 2026-07-31 | 0 | 0 | 0 |
| Tetra Tech | 10-Q | 2026-06-28 | 2026-07-31 | 3 | 3 | 0 |
| Amazon | 10-Q | 2026-06-30 | 2026-07-31 | 0 | 0 | 0 |
| L3Harris | 10-Q | 2026-07-03 | 2026-07-30 | 1 | 1 | 0 |
| Huntington Ingalls | 10-Q | 2026-06-30 | 2026-07-30 | 1 | 1 | 0 |
| KBR | 10-Q | 2026-07-03 | 2026-07-30 | 1 | 1 | 0 |
| Leonardo DRS | 10-Q | 2026-06-30 | 2026-07-30 | 6 | 4 | +2 |
| General Dynamics | 10-Q | 2026-07-05 | 2026-07-29 | 0 | 1 | -1 |
| Parsons | 10-Q | 2026-06-30 | 2026-07-29 | 2 | 2 | 0 |
| Hexcel | 10-Q | 2026-06-30 | 2026-07-29 | 1 | 1 | 0 |
| Microsoft | 10-K | 2026-06-30 | 2026-07-29 | 0 | 0 | 0 |
| Boeing | 10-Q | 2026-06-30 | 2026-07-28 | 0 | 0 | 0 |
| Textron | 10-Q | 2026-07-04 | 2026-07-28 | 1 | 2 | -1 |
| Oshkosh | 10-Q | 2026-06-30 | 2026-07-28 | 2 | 2 | 0 |
| Booz Allen Hamilton | 10-Q | 2026-06-30 | 2026-07-24 | 2 | 5 | -3 |
| Teledyne | 10-Q | 2026-06-28 | 2026-07-24 | 4 | 4 | 0 |
| Lockheed Martin | 10-Q | 2026-06-28 | 2026-07-23 | 4 | 4 | 0 |
| RTX | 10-Q | 2026-06-30 | 2026-07-23 | 0 | 1 | -1 |
| Alphabet | 10-Q | 2026-06-30 | 2026-07-23 | 0 | 0 | 0 |
| Northrop Grumman | 10-Q | 2026-06-30 | 2026-07-21 | 6 | 8 | -2 |
Risk language by term
| Company | Continuing resolution | Government shutdown | Lapse in appropriations | Termination for convenience | Debt ceiling | Sequestration | Stop-work order |
|---|---|---|---|---|---|---|---|
| Oracle 10-Q | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| AeroVironment 10-Q | 0 (-1) | 0 (-1) | 0 | 0 (-1) | 0 | 0 | 3 (-11) |
| Dell Technologies 10-Q | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Science Applications International 10-Q | 1 | 1 | 0 | 0 | 0 | 1 | 0 |
| Mercury Systems 10-K | 1 (-3) | 2 (-3) | 0 | 1 | 0 | 1 | 0 |
| Amentum 10-Q | 1 | 4 | 0 | 0 | 0 | 0 | 0 |
| Fluor 10-Q | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| CACI International 10-K | 3 (+2) | 3 (+3) | 1 (+1) | 0 | 0 | 0 | 0 |
| Maximus 10-Q | 0 | 1 | 0 | 1 | 0 | 0 | 0 |
| Curtiss-Wright 10-Q | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Howmet Aerospace 10-Q | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ICF International 10-Q | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Leidos 10-Q | 1 (+1) | 1 | 0 | 0 | 0 | 0 | 0 |
| Palantir 10-Q | 1 | 1 | 2 | 4 | 0 | 1 | 0 |
| Kratos Defense 10-Q | 0 (-1) | 3 | 0 | 0 | 1 | 0 | 0 |
| TransDigm 10-Q | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Jacobs Solutions 10-Q | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| V2X 10-Q | 0 | 2 (-1) | 0 | 4 | 1 | 0 | 2 |
| BWX Technologies 10-Q | 1 | 1 | 0 | 0 | 1 | 0 | 0 |
| Moog 10-Q | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Tetra Tech 10-Q | 0 | 0 | 0 | 3 | 0 | 0 | 0 |
| Amazon 10-Q | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| L3Harris 10-Q | 1 (+1) | 0 | 0 | 0 | 0 (-1) | 0 | 0 |
| Huntington Ingalls 10-Q | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| KBR 10-Q | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Leonardo DRS 10-Q | 3 (+1) | 3 (+1) | 0 | 0 | 0 | 0 | 0 |
| General Dynamics 10-Q | 0 (-1) | 0 | 0 | 0 | 0 | 0 | 0 |
| Parsons 10-Q | 0 | 0 | 0 | 2 | 0 | 0 | 0 |
| Hexcel 10-Q | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Microsoft 10-K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Boeing 10-Q | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Textron 10-Q | 0 | 0 | 0 | 0 | 0 | 0 | 1 (-1) |
| Oshkosh 10-Q | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Booz Allen Hamilton 10-Q | 1 | 1 (-3) | 0 | 0 | 0 | 0 | 0 |
| Teledyne 10-Q | 0 | 4 | 0 | 0 | 0 | 0 | 0 |
| Lockheed Martin 10-Q | 1 | 1 | 0 | 1 | 1 | 0 | 0 |
| RTX 10-Q | 0 | 0 (-1) | 0 | 0 | 0 | 0 | 0 |
| Alphabet 10-Q | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Northrop Grumman 10-Q | 1 (-2) | 2 | 0 | 0 | 3 | 0 | 0 |
New annual reports
A new 10-K carries a fresh figure for the share of revenue from the U.S. government. We read each one and update the company's profile and the rankings after review: Mercury Systems (10-K), CACI International (10-K), Microsoft (10-K).
How we count
We search the full text of each filing for these phrases and their common variants: continuing resolution, government shutdown, lapse in appropriations, termination for convenience, debt ceiling, sequestration, stop-work order. Counts include every section of the filing, including risk factors, management's discussion and notes. See the glossary for definitions.